From the day we’re born, most Australians count down until we’re old enough to apply for a drivers’ licence or get into pubs! Strangely enough, the same can’t be said about superannuation and saving for retirement!
It’s a conundrum we may never understand, but it’s safe to say there’s never really a clear indicator of when you should get started.
Even though there’s no particular age to tell you when you should start on the superannuation journey, here’s a handful of milestones that should serve as strong indicators this important life stage has arrived.
1. You know what the symbol for ‘Save As’ is
There’ll come a time, in the not-too-distant future, when new generations will have no idea why the ‘Save As’ button is a small square inside another small square!. In fact, it’s already begun.
Knowing this symbol is, in fact, a ‘floppy disk’ – because you recall playing with them in your childhood – is a good indicator you’ve reached working age and should be considering putting money aside in a superannuation fund.
2. You hear an acronym and don’t know what it means
Let’s face it, there are some ‘universal’ acronyms we all know. They’re the ones that have been passed on through generations. ROI (return on investment), HiFi (high fidelity), BMI (body mass index)…
Meanwhile, younger generations communicate almost exclusively in a new lingo of capitalised letters most of us can’t begin to comprehend. If you can’t use FOMO, TTYL or ROTFL in a sentence – or if you think LOL means ‘lots of love’ – there’s a good chance it’s time for you to be thinking about some sort of retirement savings plan.
3. Accomplished people are younger than you
Sports, pop and film stars – and the occasional genius – seem to be getting younger and younger, right?
The truth is, there have always been well-accomplished youth in these fields. The problem is it’s never seemed abnormal because they were always older than you!.
Hitting your early 20s is about the time you begrudgingly notice that those ‘young’ superstars weren’t even born when you started your school years. Ironically, this is also the time you should start contemplating much older pursuits – like retirement.
4. Movies that guided your teens aren’t all that new
Here’s a scary fact – The original Anchorman film has been out 10 years in 2014. Along with 34 other films such as Mean Girls, Napoleon Dynamite and Harry Potter and the Prisoner of Azkaban (the third in the franchise). Anchorman was part of an important era – belonging mostly to kids born in the late 80s and early 90s.
As a collective group, these flicks provide a smorgasbord of cultural icons that we could’ve sworn only came out a few years ago. Right?
5. When people your age don’t look old
When was the last time you asked a 5-year-old what their age was, then had them guess your age?
In the eyes of a child, people in their early 20s are ancient – that amount of years is an impossible time away in a sense that children that young can barely grasp.
Even in your early teens, turning 20 still seems like a lifetime away. Then suddenly, it’s there. And suddenly, you see that 20-somethings aren’t that old at all.
Deciding this age group is actually still pretty young is a dead giveaway that it may be time to start thinking about saving for retirement.
What was your deciding moment that made you think you were probably old enough to start saving for your golden years?